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Title: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 19, 2012, 09:30:03 AM Quoting from the asset page (http://polimedia.us/bitcoin/mpex.php?mpsic=B.PPTAPR.SYNTH):
Quote -----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 The holders of this asset on the date of May the 21st at 23:59:59 UTC time will receive a single dividend payment of 0.00128000 BTC per share, provided that in the interval there did not occur a credit event as defined below. At that date, or at the date of the credit event (whichever comes sooner) the due dividend if any will be paid, this asset will discontinue trading on MPEx and all existing shares will be discarded as worthless. A credit event is defined, for the puproses of this contract, as any one of the following : Any of the promised PPT issuances in the interval fails to take place within 24 hours of its stated date. The original language of the original issuer reads : What are you selling? Each week we will auction off up to 2000 zero coupon bonds with a face value of 1.28 BTC that will mature exactly 27 days 22 hours after the close of the bond auction. When will the bond auctions take place? The bond auctions will take place every Saturday morning at 2 AM UTC. That is every Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT. Thus, in the interval April 19 10:00:00 UTC and May 21, at 23:59:59 UTC there must appear five such offerings, specifically no later than the 21st of April, 28th of April, 5th of May, 12th of May and 19th of May. Since the issuer reserves the right to issue fewer than the stated 2`000, any issuance of less than 10% of that maximum, or 200 shares of 1 BTC principal each or at any rate shares of total value less than 200 BTC will be considered a full credit event. Any of the PPT issued in agreement with the original terms by the original issuer fails to pay the promised dividend within 12 hours of the stated time. The original laungage of the original issuer reads : When will the bonds mature and pay me my money? The bonds will pay the face value of 1.28 BTC exactly 27 days and 22 hours after the close of the bond auction on Saturday mornings at 12 AM UTC. That is every Friday evening at 5 PM PDT, 6 PM MDT, 7 PM CDT and 8 PM EDT. thus payments must be made no later than by the following midnight, UTC time. There is convincing proof brought in any public venue by respected members of the community that the underlying issuer for the PPT issue (that is pirateat40's opperation, whatever it may be called by that time) has either ceased to make due payments on his debt or has negotiated lower payments than the originally promised 7% a week. The original language of that issuer reads in pertinent part, 7-Day Interest Rate on Deposits (based on average balance) 100 BTC + 4.2% 500 BTC + 5.6% 2000 BTC + 7.0% The total ammount issued in the five PPT issues due until the expiration of this instrument is less than 10`000 BTC worth, however those shares may be split up. In this case the dividend paid on this instrument will be a fraction of its face value equal to the proportion of PPT issues out of 10`000 BTC worth. So as an example if the first PPT issues 2`000 BTC worth of shares, and the four subsequent ones each issue 1`000 BTC worth of shares the holders of this instrument will receive 0.00050000 BTC per share held. Note that this point only discusses the volume of issued shares, and is not concerned with the proportion actually sold. It is the owner's considered oppinion that there is significant risk involved in buying this asset (specifically, the underlying of the underlying is in all likeliness a Ponzi scheme in the final phase of its operation). Consequently this issue is not adequate for the needs of the small or unsophisticated investor. You would be well advised to only invest sums that you do not immediately depend upon. This issue is available for shorting, inquire with the owner for borrowing shares. -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.10 (GNU/Linux) iQIbBAEBAgAGBQJPj9YjAAoJEIpzbw4vt7RS+7sP9iBM4iI4aiQBMf05CqVrUFOD MiyR8Jy+CH4J/WbBcNjM9Vt7ebv/ZlSjzZ0fzUyCGtnilMUERqoJrHBl5abNdKzV 9oo7BrjK6OQp8JV1D9v7YJ5K5Y6gXuc9N9MgLo0519PsqjOND20oePfhE3MS/AvO W3jDMDXEi8vsvHeXl0PvNCAmFtpjk97x9oDFgi+3fYuZ7OsRUiJ7o2W9Ok/gjRWT yElR0w1HCrv2MdyaebV0Cjj4KgrOGYKxcwSTqR4tIVFJEkKVy93iu9maxp8Xhbpt Ov79zCM7TtjFeMcnOpeTO0+HppzikGlRebfRz5wEtJ1V8qw2m9/vkR9QraYdO2Zg /sw0s/DGJkGms4pB2lMER0lT/+8BWTqp1gFA+v93QikhRt710uSTPcX4UAWxdjjk aUQMdb2wZEkqgwFMJ3anCd8As3G8KVmNlLkqysyw9WDaE36cyOKVH1yagfKArgVr sNS7DuI9FiJIVGU7A48r8bibRZgoF+6Y9HxScEaRiZOqOJFu1x1kgTp9aiHI/cIX 0ydpJawnF/724HtASepx2ekR8DFf1f+NEneX6mh/1mmwZSlXHRQYc2JTPjsrwwDe sTMqImszG+Xk4atC7yrFeyeGelYXPGYBYJcYIoOJyVRno+CDWPnRCec351r87Mgx z6wCW8isWXMXS42K++Q= =VZNW -----END PGP SIGNATURE----- Have fun now! Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: Sukrim on April 19, 2012, 10:48:09 AM Wouldn't it be easy for the PPT.X owners to buy massive amounts of these shares and even if pirate defaults offer a single share each week - paying the <=28 Bitcents out of their pocket and then cash out big time in the end of May?
Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 19, 2012, 10:54:16 AM In principle. In practical terms the owner can use the money to buy those very shares, or in other words it works just about even.
Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 19, 2012, 12:52:02 PM To clarify for the many that have asked (sorry for not having put it in here from the beginning):
In order to borrow these shares you will need collateral equal to their maximal maturity value (ie, 0.00128000 BTC per share). This collateral is held as an escrow and you are immediately given the corresponding share block. On the asset destruction you will receive the part of collateral due to you (ie, all or part of it in case of credit event, none of it otherwise). Note that collateral will have to be a BTC integer, which means you can only get multiples of 3125 share blocks (each worth 4 BTC of collateral). There isn't unfortunately an automated means to process all this yet, so you will have to make your request in pm or IRC (#bitcoin-otc-eu). Obviously means you will have to have sufficient funds in your account at the moment you make the request, so please make sure you've already deposited if you need to. If your account is margined (see that discussion (https://bitcointalk.org/index.php?topic=76926.0)) you can use any portion of your margin for this without restriction. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: copumpkin on April 19, 2012, 01:48:53 PM As I asked in Meni Rosenfeld's thread, is Mr. Popescu "going long" on pirateat40 by issuing these?
Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: brendio on April 19, 2012, 02:00:56 PM As I asked in Meni Rosenfeld's thread, is Mr. Popescu "going long" on pirateat40 by issuing these? No, because this functions oppositely to Meni's. MP is definitely short because he is liable for the 0.28 interest if there is no default (sorry, credit event). His credit events are pretty broad though, making his investment much riskier than the PPT.x series.Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: copumpkin on April 19, 2012, 02:25:47 PM As I asked in Meni Rosenfeld's thread, is Mr. Popescu "going long" on pirateat40 by issuing these? No, because this functions oppositely to Meni's. MP is definitely short because he is liable for the 0.28 interest if there is no default (sorry, credit event). His credit events are pretty broad though, making his investment much riskier than the PPT.x series.Okay, I thought so, but then I'm confused about why MPOE-PR is acting so confrontationally about someone who isn't competing. MP wants ways to short pirateat40, and Meni (as well as MP's counterparties on his contracts) offers him one way to do that. Furthermore, "I too" can be short pirateat40 only if someone else goes to MPEX and goes long. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: brendio on April 19, 2012, 02:40:36 PM Furthermore, "I too" can be short pirateat40 only if someone else goes to MPEX and goes long. That, I think, is the biggest drawback. I'd be interested in getting some of these to short, but I'm not sure there's much market for them with people going long. I can't see why someone wanting to go long wouldn't just buy the underlying PPT.A. Thus, B.PPTAPR.SYNTH will need to sell at a discount. As PPT.A will likely sell for more than 1.0 BTC each, there likely is a discount, although I think there is a time mismatch in there as well, so it's hard to tell.Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 19, 2012, 03:51:35 PM @ Copumpkin and Brendio: Of course, if you have 4 BTC or more to venture, you can borrow some shares.
Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: copumpkin on April 19, 2012, 03:54:55 PM @ Copumpkin and Brendio: Of course, if you have 4 BTC or more to venture, you can borrow some shares. From whom? Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 19, 2012, 04:02:18 PM From Mircea Popescu himself!
Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 20, 2012, 07:24:36 AM Amusingly enough the Burt Wagner syndicate stepped down their offering so the bond is already in distress at around 75% of par (that's ~2500 basis points down from last night, or an implied interest rate of ~70%). Some of the easiest money anyone ever made in BTC.
Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: Sukrim on April 20, 2012, 08:16:31 PM I guess that's because of
Quote The total ammount issued in the five PPT issues due until the expiration of this instrument is less than 10`000 BTC worth, however those shares may be split up. In this case the dividend paid on this instrument will be a fraction of its face value equal to the proportion of PPT issues out of 10`000 BTC worth. - something that is not at all present in the original bond (which doesn't depend on future offerings of similar bonds). I guess that's also why it isn't really equivalent to PPT.X shares.Also it runs until May 21st (a Monday) and additionally I don't get the example Quote So as an example if the first PPT issues 2`000 BTC worth of shares, and the four subsequent ones each issue 1`000 BTC worth of shares the holders of this instrument will receive 0.00050000 BTC per share held. 2000 + 4*1000 = 6000 6000/10000 = 0.6 0.00128 * 0.6 = 0.0005(<-- wrong! It should be 0.000768) Even 0.001 * 0.6 != 0.0005 However: In case of a credit event you also pay out the 0.00128? ("At that date, or at the date of the credit event (whichever comes sooner) the due dividend if any will be paid[...]") In that case it might be interesting having a look at your bonds... Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 20, 2012, 08:27:14 PM Apparently somebody can't do math, and that somebody will be enraged. Thanks for pointing it out. It should be 0.00060000 not 0.00050000.
Otherwise "the due if any" should be pretty clear, I'd say, no? Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MrTeal on April 20, 2012, 08:35:10 PM Apparently somebody can't do math, and that somebody will be enraged. Thanks for pointing it out. It should be 0.00060000 not 0.00050000. Otherwise "the due if any" should be pretty clear, I'd say, no? So with the PPTAPR.SYNTH bonds, if PPT issues 1500 in each series you would then pay out 0.001*(7500/10000)=0.0075BTC/share, and not 0.00128*(7500/10000)=0.0096BTC/share? Is the face value of each share not 0.00128? Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: Sukrim on April 20, 2012, 08:40:21 PM So in the end your bond runs longer, will already now pay 5% less than face value max., because only 9500 shares will max. be issued (potentially even less) and for sure not the 28 bonus bitcents per BTC...
Somehow this sonds like a worse deal than PPT.X bonds to me, especially with this point #4. If I buy now 1000 shares at 70 bitcents, credit event #4 will almost certainly happen (in 4 hours we know more) - so the max. I can get out of this is 95 bitcents. If they issue 1500 shares every time, I gain 75 bitcents at the end - even some mining bonds could earn more than that probably, if I watch dividend announcements closely. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 20, 2012, 08:48:53 PM Quote So in the end your bond runs longer, will already now pay 5% less than face value max., because only 9500 shares will max. be issued (potentially even less) and for sure not the 28 bonus bitcents per BTC... You do realise that this contract was written before the wanna-be bankers defaulted on their original arrangement, and came up with 1500 instead of 2k, right? Obviously the bond would reflect that. Otherwise, ~70 cents paying 95 is on the last call +35%, so still way better than the supposed 28%. If you don't believe that Burt & Co / Pirate are actually going to ever keep to their word (an opinion shared by more and more as time goes by) you can go right ahead borrow some shares and try and sell them. That's the beauty of an actual free market (something the alternative is not): you can take either side of the deal. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 20, 2012, 08:57:39 PM Quote So with the PPTAPR.SYNTH bonds, if PPT issues 1500 in each series you would then pay out 0.001*(7500/10000)=0.0075BTC/share, and not 0.00128*(7500/10000)=0.0096BTC/share? Is the face value of each share not 0.00128? I'd think it's in the contract, but to rehash: if Burt Wagner & co stuck to their word and issued 2k shares as promised each week and pirate didn't default and the payments were made as promised, each share was going to pay 0.00128, each 1k shares 1.28 BTC. If pirate defaults or payments aren't made shares are worthless. If Burt & Co fail to issue the amount they claimed they will (which they already have) the value of shares is the proportion of 5 x 2k they actually do issue. So far if they do 4 more of 1,5k each that proportion is 75 cents to the dollar (putting a share at 0.00075, or .75 BTC per 1k) and if they do 4 more of 1,5k each that proportion is 95 cents to the dollar (putting a share at 0.00095, or .95 BTC per 1k). All this of course provided that the rest of the deal - ie regular payments and pirate non defaulting hold true. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MrTeal on April 20, 2012, 09:07:32 PM Quote So in the end your bond runs longer, will already now pay 5% less than face value max., because only 9500 shares will max. be issued (potentially even less) and for sure not the 28 bonus bitcents per BTC... You do realise that this contract was written before the wanna-be bankers defaulted on their original arrangement, and came up with 1500 instead of 2k, right? Obviously the bond would reflect that. Otherwise, ~70 cents paying 95 is on the last call +35%, so still way better than the supposed 28%. Only if they issue 2000 in the next four bonds, which they never actually stated they would do. They aren't defaulting by issuing 1500 bonds since the wording has always been "up to 2000". In the event that only 1500 are issued in each asset, the return before fees would only be 7%. The synthetic bonds would be worthless if pirateat40 doesn't default but reduces weekly interest by 1%, while the PPT bonds would still be covered at face value. Not only that, but based on the wording of the MPOE bond any hiccups in payout or bond start time would be a credit event. The synthetic bonds also payout 0% if pirate defaults while the PPT bonds pay out 25%. At current prices you'd have to be a fool to purchase the synth bonds even at 0.0007/share given the return is only a few percent better in the best case and the risks are much higher. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 20, 2012, 09:24:15 PM Quote which they never actually stated they would do. The thing which now reads "[ANNOUNCE GLBSE] 1500 PPT.A Pirate Pass Through Bonds" was [ANNOUNCE GLBSE] 2000 PPT.A Pirate Pass Through Bonds for a few days. The fact that the forum allows you to surreptitiously change your words does not mean you did not in fact say them. I understand people have a little difficulty with notions such as responsibility and so forth, but when money's involved all plays are for keepsies, and they have consequences. And again, you can just SELL them if you don't want to BUY them. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: Sukrim on April 20, 2012, 09:33:53 PM Quote So in the end your bond runs longer, will already now pay 5% less than face value max., because only 9500 shares will max. be issued (potentially even less) and for sure not the 28 bonus bitcents per BTC... You do realise that this contract was written before the wanna-be bankers defaulted on their original arrangement, and came up with 1500 instead of 2k, right? Obviously the bond would reflect that. Otherwise, ~70 cents paying 95 is on the last call +35%, so still way better than the supposed 28%. All in all you: Take longer to pay the same amount in the ideal case. Have more contraints than the original issue (Not issuing more than 200 shares? Not buying back shares in time? Pirate changing his interest rates? Less than 10000 shares offered? NO MONEY FOR YOU!) and the only way to get money back in case of a credit event (that has already happened, even before the first auction started) is calculated from 1 BTC, not 1.28. Can get _all_ BTC invested by paying for 12h of DDoS to GLBSE (something that should probably only cost a fraction of the rewards). If they now release in total 7500 shares (1500 at each auction), and I bought 100 000 shares for 70 BTC in total, I'd earn 5 BTC after 5 weeks. If I bid on 60 shares in PPT.A with a 1.1666 bid and get them, I'd get 6.8 BTC after 4 weeks (and 1.1666 is already quite overpriced + unrealistic from a current perspective), even if there are no more shares offered at all and in many of your other restraints too. If this construct really trades at current prices (0.70 BTC per 1000 shares) somebody's making a quite bad deal in my opinion... Edit: Quote which they never actually stated they would do. The thing which now reads "[ANNOUNCE GLBSE] 1500 PPT.A Pirate Pass Through Bonds" was [ANNOUNCE GLBSE] 2000 PPT.A Pirate Pass Through Bonds for a few days. Wrong. The thread title used to be Quote [ANNOUNCE GLBSE] Pirate Pass Through Bonds As you can easily see from answers to the thread that still have the old heading. It did never read "[ANNOUNCE GLBSE] 2000 PPT.A Pirate Pass Through Bonds" as far as I know (I read this forum here since it was founded a few days ago and also cannot remember that this thread had the number 2000 in it's title!). Please show me some clear proof of this claim above...Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MrTeal on April 20, 2012, 09:39:18 PM Quote which they never actually stated they would do. The thing which now reads "[ANNOUNCE GLBSE] 1500 PPT.A Pirate Pass Through Bonds" was [ANNOUNCE GLBSE] 2000 PPT.A Pirate Pass Through Bonds for a few days. The fact that the forum allows you to surreptitiously change your words does not mean you did not in fact say them. I understand people have a little difficulty with notions such as responsibility and so forth, but when money's involved all plays are for keepsies, and they have consequences. And again, you can just SELL them if you don't want to BUY them. The title might not have been changed, but I'm pretty sure that if the OP did say "We will release 2000 bonds" it wasn't up there very long considering I posted this 5.5hrs after the OP and I remember thinking about it for awhile before posting. Will you announce each week where on the scale of 500 to 2000 bonds you will be, and how far in advance will you announce it. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 20, 2012, 10:05:20 PM @Sukrim: All in all you can buy the asset if you like it, or sell the asset if you dislike it. Do you comprehend this? Please make some positive indication because at the time being the feeling is I'm trying to talk with a recording.
@Teal: The "o Burt didn't REALLY say it" objection would have had a point ~2 days ago, when this was announced. Today it's spurious. Quotes from the 14th in reference to an event taking place on the 19th are also at least a little misplaced. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MrTeal on April 20, 2012, 10:22:24 PM @Teal: The "o Burt didn't REALLY say it" objection would have had a point ~2 days ago, when this was announced. Today it's spurious. Quotes from the 14th in reference to an event taking place on the 19th are also at least a little misplaced. How on Earth is it misplaced? You claimed that the PPT bond announcement claimed that they would sell 2000 bonds for a few days. I quoted myself to show that at least since 5.5 hours after the original post at 11pm on the 13th they have claimed to sell between 500 and 2000 bonds. Unless you're claiming that they then said they would definitely sell 2000 bonds for a few days between when I posted and now, or that I'm straight up lying to you, my point stands. "I wwebsite as on the internet" Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 20, 2012, 10:49:18 PM @Teal: Are you aware at least vaguely how many times that post was changed since the 14th? Your point stands on its head.
You should have been here on the 19th, if you had a point (which you don't). Two days later and after one major liquidity event (as measured by the market) is too late. Go ask people for proof the BP spill happened, cause Mr. Dwayne of Bumfuck Montana hadn't heard about it back in 2005 when he last bought a newspaper ffs. All this nonsense aside, as to sukrim's concern: all the PPT people have to do is issue 2500 PPT.B and the asset isn't impaired anymore. So you can actually go from buying today at .7 to getting 1.28 in about a month. Not that it'll happen, but if you like longshots. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: Sukrim on April 20, 2012, 11:11:30 PM Are you asking us to issue 2500 bonds next week? No, but if you did, you'd negate the 500 less issued this week and people could still get money from Mr. Popescu.Also, as I already said: The thread title had, as far as I recall, NEVER the number 2000 in it's title and it was already very early clear to me that they are selling "up to" 2000 shares each time (see proof on: https://bitcointalk.org/index.php?topic=76594.msg850524#msg850524). Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: PatrickHarnett on April 20, 2012, 11:19:13 PM The number of bonds issued is decided approximately 24 hours ahead of the bond close time. We have funded reserves up to a particular level, setting a safe maximum. This is set out in the glbse contract. For this week, we had narrowed the range before the announcement, and currently have greater reserves than necessary.
We have set a maximum weekly limit and I see no reason to alter that to accommodate a third party. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MrTeal on April 21, 2012, 12:21:22 AM @Teal: Are you aware at least vaguely how many times that post was changed since the 14th? Your point stands on its head. You should have been here on the 19th, if you had a point (which you don't). Two days later and after one major liquidity event (as measured by the market) is too late. Go ask people for proof the BP spill happened, cause Mr. Dwayne of Bumfuck Montana hadn't heard about it back in 2005 when he last bought a newspaper ffs. All this nonsense aside, as to sukrim's concern: all the PPT people have to do is issue 2500 PPT.B and the asset isn't impaired anymore. So you can actually go from buying today at .7 to getting 1.28 in about a month. Not that it'll happen, but if you like longshots. I am aware of how many times it's changed, I've been watching it closely. From the start the PPT people have claimed that they would issue up to 2000 shares, not 2000. You structured your investment such that you decided that less than 10000 shares would be a default, long after it was well known that PPT was planning up to but not always 2000 bonds. The terms of the bonds have changed over the last week, but 2000 per issue was never guaranteed. Quote You do realise that this contract was written before the wanna-be bankers defaulted on their original arrangement, and came up with 1500 instead of 2k, right? Your contract was written long after everyone who was paying attention knew that there might be less than 2000 issued. You're the only one that seems to think that implies a default.Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on April 21, 2012, 11:01:42 AM Quote had been nice about it Go read this (http://people.psych.cornell.edu/~dunning/publications/pdf/unskilledandunaware.pdf) and keep quiet to stop further embarrassing yourself. The deeper the hole you dig the further you will have to climb out, and Mr. P is easily the least forgiving type you will meet in your lifetime. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: Raoul Duke on April 21, 2012, 11:22:04 AM You are a true market maker... You even register your domains with a market address (http://maps.google.com/maps?q=14781+Memorial+Dr.&layer=c&z=17&iwloc=A&sll=29.770916,-95.611563&cbp=13,218.7,0,0,0&cbll=29.771037,-95.611451&ved=0CAoQ2wU&sa=X&ei=H5CST4mYHob2sgafrNHuAw)... http://whois.domaintools.com/polimedia.us Quote Administrative Contact Name: Martha McCuller Administrative Contact Organization: Norsena Administrative Contact Address1: 14781 Memorial Dr. Administrative Contact City: Houston Administrative Contact State/Province: TX Administrative Contact Postal Code: 77079 Administrative Contact Country: United States Administrative Contact Country Code: US Administrative Contact Phone Number: +40.0731507527 If that's your twisted sense of humour at work, well, I LOL'ed. You should learn with the pro's: they register their domains at restaurants addresses. Also, fluffygrrl, didn't people teached you that spamming and trying to impersonate forum moderators to trick users is an ugly thing to do? (http://www.askdamagex.com/showthread.php?t=30257&p=299494&viewfull=1#post299494) That really shows your integrity... I advise people to read that thread, some interesting shit there. For some more lulz: https://www.google.com/search?q="fluffygrrl"+"spam" (https://www.google.com/search?q="fluffygrrl"+"spam") <--- I guess her forum spammer bot went crazy lol BTW, you're some ugly ass chick... Who gave you that black eye? Was it Mircea Popescu himself? http://i33.tinypic.com/5zicgj.jpg Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on May 22, 2012, 03:21:08 AM B.PPTAPR.SYNTH paid out and went poof. You're welcome to trade its successor, B.PPTMAY.SYNTH (http://polimedia.us/bitcoin/mpex.php?mpsic=B.PPTMAY.SYNTH).
Have fun! Code: -----BEGIN PGP SIGNED MESSAGE----- Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: brendio on May 22, 2012, 03:42:49 AM Trading was very light towards the end, even though quite a number of bonds were still available for 15% below the redemption value and most of the risk had subsided. There were hundreds of bitcoins up for grabs, but I only got a couple because of lack of funds.
Perhaps it's a good time to plug my brokerage service again for those looking for simplified access to MPEx without having to deal with the complexities of GPG. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: Sukrim on May 22, 2012, 07:45:41 AM You could just have advertised this _before_ the end to gain trust and profit on your 5% fee...?
Anyways, this "new" contract is even a bit worse, as May has 31 days. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on May 22, 2012, 10:04:53 AM Sukrim, you have probably missed https://bitcointalk.org/index.php?topic=77351.0
Otherwise, the contract is exactly the same, the previous one ran 19th April - 21 May, this one runs 22 May - 22 June. This is precisely because May has 31 days. Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: brendio on May 22, 2012, 12:00:52 PM Thanks, MPOE-PR, for the plug for my thread. Yes, it existed beforehand, but perhaps I could have bumped my brokerage offer beforehand. To be honest, I was a bit worried that perhaps I was missing something in the contract that indicated a default, especially in the last clause.
I did notice something in the contract just before its maturity. Specifically, it is quoted that the underlying are Quote zero coupon bonds with a face value of 1.28 BTC Clause 4 states: Quote The total a Since there is a 1000:1 ratio with the underlying, wouldn't the face value of B.PPTMAY.SYNTH be 0.00128 BTC, and thus in the example the holders should receive 50 % of 0.00128 BTC, namely, 0.00064 BTC? Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on May 22, 2012, 07:41:54 PM Possibly the language is muddied up there, but the instrument works as the numeric example shows.
Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: brendio on May 23, 2012, 04:17:26 AM Possibly the language is muddied up there, but the instrument works as the numeric example shows. So in the case of 50% issuance (5000 of 10000 planned PPT issued bonds), you get back 50 % of the "before-interest" value (50%*0.001 BTC) rather than 50 % of the maturity value (50%*0.00128 BTC)? Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on May 23, 2012, 10:44:02 AM That's correct.
Title: Re: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). Post by: MPOE-PR on June 23, 2012, 12:22:34 AM B.PPTMAY.SYNTH paid out and went poof.
We have received numerous complaints from holders that the lack of transparency of the venue where the underlying is traded precludes verification of key points of this contract (specifically, asset volume actually issued). We have also received unsubstantiated claims that in fact multiple creditors have agreed to either extend terms, lower interests or both on outstanding loans. For these reasons we have decided to not offer further installments of this symbol. We have however noticed the positive impact of MPEx thought leadership all through the evolution of the underlying instrument, and we hope that as transparency pioneered by us spreads to other venues it will be possible in the near future to issue this instrument again. Payment proof below: Code: -----BEGIN PGP SIGNED MESSAGE----- |
